Michael Nadeau

And

where we're kind of just like letting the market come to us.

I've been really kind of preaching, you know, patience, um, for, for, for, and a lot of the research that we're doing.

And this is why, you know, it's kind of odd, but you know, I do sort of enjoy the bear markets because you, you get, uh,

You can get a lot smarter in a bear market than you can in a bull market.

I think that's really what it comes down to is it gets easier to do some of the analysis.

We can kind of see what's real when the tide goes out a little bit and get some clarity over like what is the next three to four years of this asset class look like.

We know it's really hard to outperform Bitcoin through a cycle.

And so this work that we're doing is to identify the assets we think can actually outperform Bitcoin.

Yeah, so I like to say the onus is on Bitcoin to show me is kind of how I think of this.

And what that will look like is we will eventually, you know, hit some sort of macro bottom.

Usually there is like a bit of a capitulation, you know, before that happens.

I don't think what we just saw here over since, you know, Friday and over the weekend is

We dropped 15% or so over a week, but it was pretty controlled.

It was somewhat orderly and it didn't feel like a full on capitulation and forced selling.

So you do sort of, this is like a little bit more instinct to sort of identify this type stuff, but you typically will see that.

And then after that period, it just gets quiet.

There's no bulls anymore.

There's almost not even like a ton of FUD in the market anymore.

And it just sort of gets kind of quiet.